Rising Global Demand And Limited Supply Pushed Crude Oil Prices Above A Three-year High Of 80 Dollars Barrel, Which Is Expected To Push Up Prices Of Petroleum Products In Pakistan.
According to Arab News, the prices of world class Brent crude have been rising continuously for 5 days. According to analysts, this trend of growth could go a long way.
Christian Melk, head of oil and gas at US bank JP Morgan, told Arab News that oil prices could reach more than 100 Dollars a barrel by 2023 and could reach that level within the next six to 12 months. ۔
Oil prices have risen more than 90 percent over the past year as OPEC Plus’s output strategy, the Saudi-Russian-led oil alliance ended global oil shortages in 2020, leading to lower prices. ۔
Global crude oil reserves, which had risen during the global Corona outbreak, have recovered to their lowest level since January 2020 as a result of recovery by the United States and China.
OPEC’s World Oil Outlook, published yesterday, predicts that demand for oil will rise sharply in the next few years, increasing upward pressure on prices.
OPEC has revealed that oil consumption will increase by 1.7 million barrels per day in 2023 to 101.6 million barrels.
OPEC says the world must continue to invest in oil production to avoid energy shortages, despite the shift to renewable energy.
According to OPEC, it is clear that low investment is a major challenge for the oil industry, with further volatility without the necessary investment and future energy shortages.